GOP tax plan
On Friday, Sen. Bob Corker (R-Tenn.) announced that he will vote for the final Republican tax bill being rushed through Congress, despite his lone GOP no vote when it passed in the Senate. His original concern was the $1 trillion or more the bill will add to the federal deficit — the Congressional Budget Office on Friday put the final deficit hole at $1.455 trillion over 10 years — but Corker said Friday the imperfections are worth helping U.S. businesses. On Friday night, the International Business Times found a newly added provision that would open big tax breaks to real estate developers like President Trump, Jared Kushner, and Corker.
On Saturday, Corker insisted he had not known about the "Corker kickback" before he switched his vote. On Sunday, he asked Senate Finance Committee Chairman Orrin Hatch (R-Utah) for an explanation. "The suggestion was that it was airdropped into the conference without prior consideration by either the House or the Senate," Corker said. "Because this issue has raised concerns, I would ask that you provide an explanation of the evolution of this provision and how it made it into conference report. I think that because of many sensitivities, clarity on this issue is very important."
Senate Majority Whip John Cornyn (R-Texas) provided something of an explanation on ABC's This Week, telling host George Stephanopoulos the measure was added in during "a very intense process" where "the Democrats refused to participate, and what we've tried to do is cobble together the votes we needed to get this bill passed."
It's possible specifically helping real estate LLCs was incidental, as the new provision "combined a capital-investment approach that the House favored with the Senate's tax-cut mechanism," Bloomberg reports. But while "the new law will include lots of what you might call unintended consequences," Axios says, noting how it might increase moving U.S. factories overseas, "often they were intended by the hidden hands that put them there."